British bank hid $250 billion in business with Iran, says N.Y. regulator
Published August 7, 2012
(JTA) — The New York State Department of Financial Services accused a British bank of covering up $250 billion in transactions with Iran to gain hundreds of millions of dollars in fees.
According to an order issued by the state agency, Standard Chartered Bank stands accused of concealing 60,000 transactions over the ten-year period between 2001 and 2010 that “left the U.S. financial system vulnerable to terrorists, weapons dealers, drug kingpins and corrupt regimes.”
The charges against Standard Chartered Bank come less than a week after Congress passed a final round of sanctions targeting Iran.
In July 2010, Congress enacted an expanded version of the Iran Sanctions Act that implemented new reporting requirements for banks.
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